Moody's takes rating actions on four Indian financial institutions

Moody's Investors Service ("Moody's") has affirmed the deposit ratings of ICICI Bank Limited ("ICICI") and Axis Bank Ltd ("Axis") at Baa3, and of IDBI Bank Ltd ("IDBI") at Ba2.

Moody's has also placed IndusInd Bank Limited's ("IndusInd") domestic and foreign currency issuer ratings of Baa3/P-3 under review for downgrade. The bank's ba1 baseline credit assessment (BCA) and adjusted BCA have also been placed under review for downgrade.

The baseline credit assessment (BCA) and adjusted BCA of ICICI and Axis are affirmed at ba1. The BCA and adjusted BCA of IDBI has also been affirmed at b2.

Moody's has also downgraded the counterparty risk assessments (CR assessments) of Axis and ICICI to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr), and the local currency counterparty risk rating (CRR) of Axis and ICICI to Baa3/P-3 from Baa2/P-2.

At the same time, the outlooks for ICICI and Axis are revised to negative from stable, and for IDBI to stable from positive.

Source : Equity Bulls

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